Bradford & Bingley releases market-leading stepped tracker mortgage

06 May 2005

First-time buyers looking to get their foot on the property ladder this spring could take a step in the right direction with a new market-leading mortgage from Bradford & Bingley.

The new exclusive three-year stepped tracker mortgage, funded by Alliance & Leicester, offers a very competitive initial rate of 3.99 per cent with -0.76 per cent off the Bank of England base rate for the first year.

The base rate then returns to +0.74 per cent for the remaining term of the loan (with 4.7 per cent APR).

The deal involves no arrangement fee and a refund of the valuation fee, and is available for up to 95 per cent of the property value.

"This is a fantastic product for anyone looking to buy a home this spring. The average rate over three years is 4.99 per cent, making it amongst the best tracker rates available," said Duncan Pownall, mortgage development manager at Bradford & Bingley.

"In addition, because of the exclusive features borrowers are typically saving over £800 in fees against the nearest comparable deal. The low entry fees and initial payments help buyers financially when they need it most."